Construction Estimating Software Market

Market Study on Construction Estimating Software: Mushrooming Construction Projects driving Adoption

Construction Estimating Software Market Segmented By construction accounting, construction management, construction suites, project management Product for Builders & Contractors, Construction Managers, Engineers & Architects

Construction Estimating Software Market Outlook (2022-2032)

With growing digitalization, the market for construction estimating software is likely to flourish, garnering US$ 556.0 Million and exhibiting a 4.5% CAGR from 2022-2032. The market is estimated at US$ 340.0 Million in 2021 and is likely to exhibit Y-O-Y increase of 5.1% to be valued at US$ 357.4 Million in 2022.

“Rapid digitalization in the construction sector is likely to play the most important role in driving the market in the forecast period.

Recent changes in the construction industry, such as cloud computing have significantly increased the demand for the construction estimating software market as construction estimating software has the ability to improve the accuracy and speed of the total estimation process of a construction project, this makes it a suitable option among the end-users.

Attributes

Details

Construction Estimating Software Market CAGR (2022-2032)

4.5%

Construction Estimating Software Market Size (2022)

US$ 357.4Million

Construction Estimating Software Market (2032)

US$ 556.0 Million

Find Out More about the Report Coverage

Companies

  • Autodesk, Inc.
  • Buildsoft Pty Ltd.
  • Corecon Technologies, Inc.
  • Heavy Construction Systems Specialists, Inc.
  • PlanSwift Software
  • Sage Group plc
  • STACK Construction Technologies
  • Bluebeam Software Inc.
  • 4Clicks Solutions
  • Causeway Technologies

What are the Factors Propelling the Global Construction Estimating Software Market?

Increased Construction Spending and development of Infrastructure Sector to accelerate Market Growth

The construction estimating software market is predicted to develop due to rising urbanization, an increase in construction activities, and low-cost solutions provided by cloud-based deployment contributing to the growth of the market.

Construction estimating software helps commercial construction firms streamline their workflows and maximize productivity by digitalizing their preconstruction process this leads to accurate estimates, and improved construction bidding. Globally, rising construction spending is expected to be one of the long-term factors driving sales in the market over the forecast period.

construction-estimating-software-market

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What are the Prevailing Opportunities in the Construction Estimating Software Market?

The construction estimating software market is largely driven by the growing preference for construction estimating software by construction companies over generic software. Increasing demand for cloud-based enterprise applications and their easy access through smartphones are some of the major factors driving the growth of the construction estimating software market. Earlier the construction estimation was carried out through spreadsheets or manually, which was time-consuming.

But the introduction of IoT in construction estimating software has made the job easy by maximizing workflow effectiveness and providing an accurate estimation of the cost of the raw materials. The rapid growth of the construction sector in recent time and the growing demand for high technology adoption in developed infrastructure drives the growth of the market.

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What are the Factors Hampering the Global Construction Estimating Software Market?

Lack of awareness and improper selection of construction estimating software, a threat from open-source and free construction management software may impede the growth of the market in the coming years. Also, growing threats to data security and the high deployment cost of the construction estimating software are some of the prominent factors anticipated to hinder the market's growth during the forecast period.

Lack of awareness of the operational effectiveness and other benefits of the technologically advanced systems is another factor projected to have a negative impact on the growth of the construction estimating software market over the forecast period.

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Comparative View of Adjacent Construction Estimating Software Market

Attributes

Construction Estimating Software Market

CAGR (2022-2032)

4.5%

Market Value (2032)

US$ 556.0 Million

Growth Factor

The increasing need to track expenses, prevent errors, and manage a job's budget both before and during the project's lifecycle is expected to drive the market in the forecast period.

Opportunity

Technological innovation and advancement are expected to offer lucrative opportunities to the market.

Comparative View of Adjacent Construction Accounting Software Market

Attributes

Construction Accounting Software Market

CAGR (2022-2032)

10.2%

Market Value (2032)

US$ 1578 Million

Growth Factor

Enhancing data security to prevent data loss is expected to drive the market in the assessment period.

Opportunity

The booming construction industry and rising penetration of ERP modules in the construction industry are expected to offer lucrative opportunities to the market.

Comparative View of Adjacent Construction Management Software market

Attributes

Construction Management Software market

CAGR (2022-2032)

10.5%

Market Value (2032)

US$ 4.5 Billion

Growth Factor

Increasing application of lean management in construction-related operations and focus on maintenance of regular follow-ups are expected to drive the market in the forecast period.

Opportunity

The surging technological advancement is anticipated to offer significant opportunities to the market.

Which End-user Type Accounts for Maximum Construction Estimating Software Market Growth?

As per the analysis, by end-user, the builders & contractors segment is expected to lead the market during the forecast period. The segment is anticipated to have witnessed a 4.9% CAGR from 2015 to 2021.

Whereas, during the forecast period, the segment is estimated at a 4.4% CAGR. Builders and contractors use construction estimating software to improve the speed and accuracy of the total estimation process of a construction project.

By Product, Which Segment is Likely to Lead the Construction Estimating Software Market?

Based on product, the construction accounting segment is expected to dominate the market in the forecast period. The segment is projected to exhibit a CAGR of 4.5% during the forecast period. The segment is expected to have experienced a CAGR of 5.1% during the timeframe of 2015-2021.

The construction accounting segment is among the major application of construction estimation software used to keep track of financial information/data for multiple business divisions of a single enterprise and payroll management, and inventory management for analyzing the cost. As construction accounting helps in managing the project in an efficient manner thus it remains the preferred choice for the construction estimating software market.

Which are the Key Regions in the Construction Estimating Software Market?

Regions

CAGR

United States

4.3%

U.K

3.2%

China

3.9%

Japan

2.9%

South Korea

2.5%

How will the market emerge in the North American region during the forecast period?

As per the analysis, North America is expected to lead the market during the forecast period. In the region, the U.S is expected to lead the market in the assessment period. The absolute dollar growth is projected at US$ 68.0 Million. The region is predicted to expand at a CAGR of 4.3% during the forecast period from 2022-2032. The growth of the region can be credited to the adoption of advanced technologies, such as cloud computing and the Internet of Things (IoT), and high industrialization in-country.

Also, the presence of construction associations such as the Construction Management Association of America (CMAA) and Associated General Contractors of America further contribute to the construction industry growth. A growing number of infrastructural projects such as the development of commercial infrastructures, including airports, hospitals, hotels, office buildings, and universities are resulting in regional revenue generation in the construction industry. All these factors are expected to drive the growth of the regional market over the forecast period.

What will be the Growth scope for Construction Estimating Software in Europe?

Europe is anticipated to be a lucrative market during the forecast period. In the region, the U.K is anticipated to make the most significant contribution to developing the region. According to the analysis, the U.K market size is estimated at US$ 22.9 Million while expanding at a CAGR of 3.2% during the forecast period from 2022-2032.

Growth can be attributed to the rapid digitalization across the construction industry, and the increasing focus of construction companies on adopting new technologies for streamlining the workflow.

Will Asia Pacific contribute a Lucrative Market Share?

APAC is projected to be the fastest-growing region during the forecast period. The rapid development of the region can be attributed to the presence of fast-developing countries like South Korea, China, and Japan. As per the analysis, China is anticipated to expand at a maximum CAGR of 3.9% during the forecast period.

South Korea and Japan are likely to exhibit a growth rate of 2.5% and 2.9% respectively from 2022-2032. However, with respect to the market size, China is projected to lead the region, garnering US$ 40.0 Million during the forecast period. On the other hand, South Korea and Japan are anticipated at US$ 20.1 Million and US$ 32.2 Million respectively.

What is the Competition Status in the Global Construction Estimating Software Market?

Key players in the global construction estimating software market are taking several initiatives to expand their reach in the global market. Players focus on industry collaborations, mergers & acquisitions, and partnerships. Some of the eminent players in the region include Autodesk, Inc., Buildsoft Pty Ltd., Corecon Technologies, Inc., Heavy Construction Systems Specialists, Inc., and PlanSwift Software among others.

Recent key developments in the construction estimating software industry include:

  • In April 2022 Procore Technologies, Inc. announced a new integration with Building Transparency, with the mission to enable broad and swift action to address the construction industry’s role in climate change. The integration enables Procore users to leverage the Embodied Carbon in Construction Calculator (EC3) in an effort to drive sustainability across the global construction industry.
  • In January 2022Corecon Technology Inc. announced a new integration with DocuSign eSignature for use within Corecon’s cloud-based construction estimating project management and job cost software suit. This new feature allows Corecon subscribers to securely obtain and track electronic signatures on construction documents along with other project information in one secure location.
  • In October 2021Autodesk, Inc. has announced powerful new capabilities across Autodesk Construction Cloud and an expansion of its partner ecosystem, to connect their workflows on one platform. Advancements to Autodesk Build, including a new Schedule management tool, further connect office and field teams and data across the construction lifecycle. Project teams can now also integrate construction data from over 200 partners on Autodesk Construction Cloud to streamline construction management in one centralized location.

Report Scope

Attributes

Details

Forecast Period

2022-2032

Historical Data Available For

2015-2021

Market Analysis

US$ Mn for Value

Key Countries Covered

  • U.S.
  • Canada
  • Mexico
  • Brazil
  • Germany
  • Italy
  • France
  • U.K.
  • BENELUX
  • Nordics
  • China
  • Japan
  • South Korea
  • South Africa
  • Turkey
  • GCC

By Market Segments

  • Product
  • End-User
  • Deployment
  • Region

Key Companies Profiled

  • Autodesk, Inc.
  • Buildsoft Pty Ltd.
  • Corecon Technologies Inc.
  • Heavy Construction Systems Specialists, Inc.
  • PlanSwift Software

Pricing

Available Upon Request

Key Segments Covered in the Construction Estimating Software Industry Report

Construction Estimating Software Market by Product

  • Construction Estimating software for construction accounting
  • Construction Estimating software for construction management
  • Construction Estimating software for construction suites
  • Construction Estimating software for project management

Construction Estimating Software Market by End User

  •  Construction Estimating software for Builders & Contractors
  • Construction Estimating software for Construction Managers
  • Construction Estimating software for Engineers & Architects

Construction Estimating Software Market by Deployment

  • On-cloud Construction Estimating software
  • On-Premises Construction Estimating software

Construction Estimating Software Market by Region

  • North America Construction Estimating Software Market
  • Europe Construction Estimating Software Market
  • Asia-Pacific Construction Estimating Software Market
  •  Middle East & Africa Construction Estimating Software Market
  • Latin America Construction Estimating Software Market

Media Release

- FAQs -

The global construction estimating software market is estimated at a 4.5% growth rate during the forecast period of 2022-2032

The global construction estimating software market is expected to garner US$ 556.0 Million by 2032

U.S is projected at US$ 198.0 Million while exhibiting a 4.3% CAGR from 2022-2032.

Japan is expected to procure US$ 32.2Million while recording an 2.9% CAGR in the forecast period

The Global construction estimating software market was estimated at US$ 340.0 Million in 2021

By product construction accounting segment is expected to take a lead while recording a CAGR of 4.5% from 2022-2032.

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